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1932 › Herbert Hoover (Republican) › Federal guarantee of bank deposits
Oppose a federal guarantee of bank deposits
pledge_forwarddirectional_stanceparty_platformevidence A Banking & Finance similar solutions · similar reasoning
Solution
List 'the guarantee of bank deposits' among the Democratic House measures the party contrasts with its own program; rely instead on stronger supervision and RFC support.
Rationale
Deposit guarantees are grouped with fiat currency and price manipulation as unsound expedients.
Neither Roosevelt nor the Democratic platform endorsed deposit insurance; the House Steagall bill of 1932 did. The FDIC (June 1933) was a congressional initiative Roosevelt initially resisted.
Statements (2)
In contrast with the Republican policies and record, we contrast those of the democratic as evidenced by the action of the House of Representatives under Democratic leadership and control, which includes:
3. The guarantee of bank deposits.
Follow-through
not_applicable
Hoover lost the election; the pledge could not be tested in office. Deposit insurance was enacted in the Banking Act of 1933 over Roosevelt's initial objection, on congressional initiative.
Enacted by others
| 1933-06-16 | Franklin D. Roosevelt | statute Federal Deposit Insurance Corporation (Banking Act of 1933) | Enacted despite both candidates' opposition. source |
1932-hoover-oppose-deposit-guarantee · created by claude-fable-5-1 · review: unreviewed